New York State Reaps Over $1.55 Billion in Taxes from Mobile Sports Wagering
Marking the two-year anniversary of mobile sports wagering in New York State, Governor Kathy Hochul announced that the State has collected more than $1.55 billion in taxes from this sector, setting new national records. These funds are primarily allocated for education, along with youth sports programming and problem gambling prevention, treatment, and recovery services.
Historic Revenue Generation
The state’s total revenue from mobile sports wagering, including last year’s $862 million and $693 million, along with $200 million in licensing fees collected in 2022, totals $1.75 billion. Governor Hochul commented on this achievement, stating, “Over the last two years, New York is the clear leader in providing responsible entertainment for millions while bringing in record-shattering revenue for education, youth sports, and problem gambling prevention.”
Despite being relatively new to mobile sports wagering, New York ranks third in overall handle among states, closely trailing New Jersey and Nevada. Brian O’Dwyer, Chairman of the New York State Gaming Commission, reflected on this success: “The record-breaking numbers speak for themselves: Governor Hochul’s smart gaming policies continue to generate billions of dollars for our schools, youth sports and responsible gambling programs.”
Funding Problem Gambling Prevention
The New York State Office of Addiction Services and Supports Commissioner, Chinazo Cunningham, highlighted the importance of this funding, “This funding is supporting our ongoing work to educate the public about responsible gambling, as well as increase access to help and support for those affected by problem gambling.”
State Senator Joseph P. Addabbo, Jr. and Assemblymember Gary Pretlow expressed their satisfaction with the mobile sports betting framework and its outcomes. Addabbo said, “Mobile sports betting has proven to be a game-changer for New York, generating over $1.55 billion in tax revenue in just two years.” Pretlow added, “I am thrilled that the initial framework we proposed for Mobile Sports Betting in the Legislature was the foundation and catalyst for its success.”
User Engagement Statistics
According to GeoComply, more than 5.6 million unique sports betting accounts have been created since the launch, conducting over 2.6 billion transactions.
The success of mobile sports wagering in New York State has not only generated significant revenue for vital sectors but also positioned the state as a leader in responsible gaming. This milestone underscores the potential of regulated sports betting as a lucrative revenue stream for state-funded programs.
Our Comment on the Article
New York State’s record-breaking revenue from mobile sports wagering is a testament to the potential of regulated betting industries to contribute significantly to state funds, especially in education and social programs.
It also highlights the importance of responsible gambling policies to balance revenue generation with consumer protection.
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